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Robert A. Imparato, Jr CFP®
CERTIFIED FINANCIAL PLANNER™ professional
Craig A. Hyldahl CFP®
CERTIFIED FINANCIAL PLANNER™ professional
R.I.C.H. Planning Group, LLC
105 Fieldcrest Avenue, Suite #507
Edison, NJ 08837
Robert: 732-326-5240
Craig: 732-326-5240
Fax: 732-326-5331
Robert: robert@richplanninggroup.com
Craig: craig@richplanninggroup.com
Website: www.richplanninggroup.com
September/October 2018
Five Truths about Life Insurance
September is Life Insurance Awareness Month, a time like any other when we can come up with several excuses to either not own life insurance or not own enough. Here’s to setting the record straight:
Excuse:
I have plenty of time to buy it.Truth:
Perhaps you do, but what if the unthinkable happens before you buy it? You aren’t immortal. Or what happens if you develop a medical condition that either makes you uninsurable or makes life insurance unaffordable?Excuse:
Life Insurance is too expensive.Truth:
The younger you are, the cheaper individual coverage is. You might also afford a term insurancepolicy, especially one that allows you to convert to permanent insurance down the line. And don’t forget about employer-sponsored life insurance, which is group coverage that is typically less expensive than if you bought it on your own. Group life insurance typically ends when you leave the job.
Excuse:
I have enough insurance through my employer.Truth:
Maybe not, unless you supplement that amount with individual life insurance coverage. You may wantenough insurance to cover three to seven years of lost income and living expenses, plus any extras such as replacing lost college savings.
Excuse:
I’m a stay-at-home spouse, so I don’t have income to replace.Truth:
When a stay-at-home spouse becomes widowed, childcare for young children may become a financial issue. If you don’t have young children, your spouse’s income still may not be adequate to pay others to perform the tasks you did, affecting the family’s standard of living. Life insurance can help fill this gap.Excuse:
I don’t want to buy something I don’t understand.Truth:
That’s a legitimate concern, but you have control over it. Ask questions. If you can’t get answers that are easy to understand, talk to a financial professional who can provide them.GE 2141123 (6/18)(Exp 6/20)
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Securities offered through Equitable Advisors, LLC (NY,NY (212) 314-4600), member FINRA,SIPC (Equitable Financial Advisors in MI & TN). Investment advisory products and services offered through Equitable Advisors, LLC, an SEC-registered investment advisor. Annuity and insurance products offered through Equitable Network, LLC, which conducts business in California as Equitable Network Insurance Agency of California, LLC; in Utah as Equitable Network Insurance Agency of Utah, LLC; and in PR as Equitable Network of Puerto Rico, Inc. Equitable Advisors and Equitable Network are affiliated companies and do not provide tax or legal advice.
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GE-4833845.1 (7/22)(Exp. 7/24)
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